Norges Bank Makes New Investment in Corebridge Financial, Inc. $CRBG

Norges Bank bought a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 20,270,137 shares of the company’s stock, valued at approximately $611,550,000.

A number of other hedge funds have also added to or reduced their stakes in CRBG. Pzena Investment Management LLC increased its holdings in Corebridge Financial by 19.3% in the third quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock worth $715,651,000 after purchasing an additional 3,605,498 shares in the last quarter. Alyeska Investment Group L.P. bought a new stake in Corebridge Financial in the third quarter worth approximately $69,738,000. Vanguard Group Inc. increased its holdings in Corebridge Financial by 7.2% in the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock worth $859,963,000 after purchasing an additional 1,805,819 shares in the last quarter. Marshall Wace LLP increased its holdings in Corebridge Financial by 16,388.6% in the third quarter. Marshall Wace LLP now owns 1,525,031 shares of the company’s stock worth $48,877,000 after purchasing an additional 1,515,782 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Corebridge Financial by 229.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock worth $41,042,000 after purchasing an additional 905,918 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on CRBG. Bank of America lowered their target price on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. Piper Sandler lowered their target price on Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating for the company in a report on Tuesday, May 26th. Barclays decreased their price objective on Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating for the company in a report on Wednesday, April 8th. JPMorgan Chase & Co. decreased their price objective on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a report on Tuesday, May 12th. Finally, Wells Fargo & Company boosted their price objective on Corebridge Financial from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $35.17.

Corebridge Financial Trading Down 0.1%

NYSE CRBG opened at $26.97 on Monday. The company has a market cap of $12.32 billion, a price-to-earnings ratio of 49.03, a P/E/G ratio of 0.29 and a beta of 1.14. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57. The business has a 50 day moving average price of $25.91 and a 200-day moving average price of $28.12. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02). The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same quarter in the prior year, the firm earned $1.16 EPS. As a group, equities analysts expect that Corebridge Financial, Inc. will post 4.89 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, June 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.7%. Corebridge Financial’s payout ratio is currently 181.82%.

About Corebridge Financial

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.